Smith-Midland Corp
smithmidland.comWhat Do They Do?
Manufactures and sells precast concrete products such as building panels, highway barriers and transportable buildings to general contractors, transportation authorities and construction, utility and farming customers.
10-K for FY2025, filed Apr 14, 2026Smith-Midland Corporation (the “Company”) invents, develops, manufactures, markets, leases, licenses, sells, and installs a broad array of…View ↗
The Company’s precast concrete products market and barrier rental market primarily consists of general contractors performing public and…View ↗
The Company’s precast concrete products are cast in manufacturing facilities and delivered to a site for installation, in contrast to…View ↗
How Do They Make Money?
Product sales include custom jobs billed as work progresses and other products paid at shipment or delivery; invoices may be advance, milestone-based, or on shipment. Service revenue includes barrier leases billed upfront and earned over the lease term, royalties earned over time, and shipping or installation services.
10-K for FY2025, filed Apr 14, 2026The Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the…View ↗
For certain product sales that do not meet the criteria for recognition over time, the Company recognizes revenue at a point in time…View ↗
The timing of when we bill our customers is generally dependent upon advance billing terms, milestone billings based on the completion of…View ↗
The Company leases barriers to customers under operating leases in accordance with ASC 842, Leases. Customers are invoiced at lease…View ↗
Standard Barrier Rental arrangements also include non-lease components (accounted for under ASC 606, Revenue from Contracts with…View ↗
The revenue items: soundwall sales, architectural sales, SlenderWall® sales, miscellaneous wall sales, miscellaneous sales, barrier…View ↗
-
10-K for FY2025, filed Apr 14, 2026
FY2025 revenue by product or service ↗
$93.4M
-
10-K for FY2025, filed Apr 14, 2026
$93.4M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Product Sales
|
52%
FY2022: 56%
|
Product Sales, FY2025
$48.3M Sources
|
|
Service Revenue
|
48%
FY2022: 45%
|
Service Revenue, FY2025
$45.2M Sources
|
Who Are Their Customers?
General contractors include its product and barrier-rental estimates in construction bids; it also sometimes sells directly to end users and licenses its products to precast manufacturers.
10-K for FY2025, filed Apr 14, 2026The Company’s precast concrete products market and barrier rental market primarily consists of general contractors performing public and…View ↗
The Company uses an in-house sales force and, to a lesser extent, independent sales representatives to market its precast concrete products…View ↗
The Company’s precast product sales and barrier rental sales result primarily from the submission of estimates or proposals to general…View ↗
10-K for FY2025, filed Apr 14, 2026
For the year ended December 31, 2025, one customer represented approximately 14% of the Company’s revenue. For the year ended December 31…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 14, 2026
Open tableView ↗
-
Jun 4, 2026
Nasdaq cited a late quarterly filing as a listing-rule compliance issue
The notice did not immediately affect the listing; the delay stemmed from a change in accounting personnel that disrupted the quarterly close.
Sources
8-K, filed Jun 4, 2026
On May 29, 2026, Smith-Midland Corporation (the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”)…View ↗
Growing. Revenue grew 85% in 4 years, from $50.6M in FY2021 to $93.4M in FY2025, about 17% a year.
Loading...
